Portfolio analysis

The top 30 largest companies represent 36.8% of the Portfolio value.

The Portfolio is appropriately diversified by sector and geography.

This strikes a good balance between concentration, so that Direct Investments can meaningfully impact performance, and diversification, so that we are not overly exposed to the risks of individual portfolio companies or sectors.

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The portfolio was valued at £1,437m at 31 October 2023

Our investment strategy

We focus on investing in buyouts of businesses that are profitable, cash generative and have defensive growth characteristics that we believe will deliver strong and resilient returns across economic cycles. There are a number of themes that contribute to a business having, in our view, such characteristics. These include (among others) attractive market positioning, providing mission-critical services to their clients and customers, ability to pass on price increases, and structurally high margins.

We believe our investment strategy results in a differentiated portfolio with attractive growth characteristics.

Portfolio composition at 31 October 2023

We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in:

  • Primary investments (55% of the Portfolio)
  • Secondary investments (18%)
  • Direct investments (27%)

We invest in funds managed by ICG and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

Investments managed by ICG account for 31% of the Portfolio.

Portfolio performance
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Focus on sectors with defensive growth characteristics

Portfolio composition at 31 July 2023

The Portfolio is well diversified and weighted towards sectors with defensive growth characteristics. Technology (24.1%), Healthcare (13.2%), Business Services (12.9%) and Education (5.4%) make up 55.6% of the Portfolio. We feel these are particularly attractive sectors, benefitting from structural growth trends. Within our exposure to the Consumer and Industrial sectors (20.9% and 8.1% respectively), we have a bias to companies with more defensive business models, non-cyclical growth drivers and high recurring revenue streams. We have relatively low exposure to the Financials and Leisure sectors (6.0% and 4.8% respectively).


Portfolio by sector

Focus on developed markets

Portfolio composition at 31 October 2023

The Portfolio is focused on developed private equity markets, invested across North America (43%) and Europe including the UK (50%).


Portfolio by geography

Quoted companies

We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the third party manager alongside whom we have invested.


At 31 October 2023, representing 5.0% of the Portfolio were valued by reference to the latest market price (31 Jul 2023: 6.9%).


Only one quoted investment individually accounted for 0.5% or more of the Portfolio value:




% value of Portfolio

Chewy (part of PetSmart)1 CHWY-US 1.4%
Other companies 3.6%
Total 5.0%
1 Value includes entire holding of PetSmart and Chewy. Majority of value is within Chewy.